Property Management
A property manager in Utah who receives rents and security deposits must:
ADeposit funds into their personal account for safekeeping
BMaintain separate trust accounts for client funds✓ Correct
CHold all funds in the owner's personal bank account
DTurn funds over to the Utah Division of Real Estate monthly
Explanation
Utah property managers who hold client funds (rents, deposits) must maintain separate trust accounts and keep these funds separate from personal and business operating funds. Commingling trust funds is a serious violation that can result in license revocation.
People Also Study
Related Utah Questions
- A Utah real estate licensee who comingles client trust funds with personal funds may face:Utah License Law
- A Utah property manager should maintain separate ledger accounts for:Property Management
- Which of the following must a Utah principal broker maintain for all trust funds received?Utah License Law
- Commingling of trust funds in Utah means:Utah License Law
- A Utah licensee who deposits earnest money into their personal bank account instead of the broker's trust account has committed:Utah License Law
- A Utah property manager who discovers that a tenant is operating an illegal business from the rental unit should:Property Management
- A Utah property manager who discovers that a tenant is operating an illegal business from the rental unit must:Property Management
- A property manager in Utah who collects rent and manages properties for others must hold:Property Management
Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
State-Specific Concepts
Trust Account Rules
Study This Topic
Practice More Utah Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Utah Quiz →